Listed sugar mill Central Azucarera de Tarlac, Inc. said Wednesday its board has approved the proposed sale of a 200-hectare property by its wholly-owned subsidiary Luisita Land Corp.
Luisita Land was incorporated and registered with the Securities and Exchange Commission in May 1977, primarily for developing, leasing, and selling real properties.
Luisita Land is selling, subject to closing conditions, a 200-hectare property situated in Tarlac City to Lima Land Inc., a developer of industrial estates owned by the Aboitiz Group.
The approval of Central Azucarera de Tarlac is required for the sale to proceed since it controls the sugar mill and Luisita Land and is its largest creditor as well.
The sale is subject to certain closing conditions. Lima Land and Luisita Land are also finalizing the terms of the proposed sale. Financial details of the deal weren’t immediately disclosed.
